Thanks IP Freely,Great name by the way. I am from QLD so I will search for a QLD Fair Trading Website for a lease template. I will ask my accountant about question 2 as it is the most important one. I have heard of instances where the tax office has ruled that because an IP was rented at below market value the person could not claim the full…[Read more]

Thanks Terry,My wife and I don't have any personal debt other than one IP which is in our name. I plan to keep this property geared as high as possible to maximise our personal tax benefits and try to get the IP's in the trust's name + geared. At the moment the money we are gifting to the trust is after tax dollars however when we use equity from…[Read more]

Thanks Andrew I will give it a go.Mitch

Hi Louiero,I would suggest that you first do some reading/research into property investing. There are many great books out there that will explain the pros and cons of everything real estate. Once armed with this information you will be able to make an informed decision on what it is you want.There are no magic formulas that will tell you whether…[Read more]

Hi Maurice,Ok I guess it would be smarter for me to let an accountant handle the tax returns. I was under the impression I could claim all setup costs as an expense in the first year and carry the loss forward so I was thinking about completing my own tax return for the company (I assumed it would be easy as there is no income and only a few…[Read more]

Olli,I guess you were writing that for me so thanks. I will take the time to do some research on both.Mitch

Thanks for the advice Maurice,Another quick question. Do I have to complete a tax return for the trust AND company every year or just the trust? I assume I can claim the cost of setting up the company (and yearly costs associated with it) when I fill out the company tax return?? Can I carry the loss forward (just for the company, I know I can do…[Read more]

Thanks Richard,I will give him a call in the new year. I am also a bit worried about getting my tax done for the company and trust. I have already done my personal tax (I realise now that I should get the trust tax done first) however the trust made a loss this year so this shouldn't  be too much of a drama should it? Thanks again for your help I…[Read more]